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Mortgage fraud by borrowers from US Department of the Treasury [7]. Mortgage fraud may be perpetrated by one or more participants in a loan transaction, including the borrower; a loan officer who originates the mortgage; a real estate agent, appraiser, a title or escrow representative or attorney; or by multiple parties as in the example of the fraud ring described above.
Fraud, or at least charges of fraud, just keep on coming in the mortgage and real estate world, leaving homebuyers wondering where the oversight is. The criminal courts are getting busier, hearing ...
The fraud involves operatives calling homeowners, who oftentimes had previously sought relief from their mortgage lender and thus were expected to be contacted, according to the FCC. The callers ...
Actual fraud typically involves a debtor who as part of an asset protection scheme donates his assets, usually to an "insider", and leaves himself nothing to pay his creditors. Constructive fraud does not relate to fraudulent intent, but rather to the underlying economics of the transaction, if it took place for less than reasonably equivalent ...
A proof of funds (POF) is a document such as a bank statement proving that a person or a company has the financial ability to perform a transaction or meet a potential future liability. The POF can be issued by a bank, a financial institution or a trade finance provider.
Fine noted that one of the bidders, a firm named Liquidis that bid $64.5 million for all 27 properties, was rejected because it submitted fraudulent proof of funds.
Fraud can violate civil law (e.g., a fraud victim may sue the fraud perpetrator to avoid the fraud or recover monetary compensation) or criminal law (e.g., a fraud perpetrator may be prosecuted and imprisoned by governmental authorities), or it may cause no loss of money, property, or legal right but still be an element of another civil or ...
Tom Cronkright, co-founder and executive chairman of real estate fraud protection company CertifID, said that while wire fraud is an overall pervasive issue across the country, it is particularly ...